Acutus Medical is a medical device company in wind-down mode. Its only active business is contract manufacturing left-heart access products — transseptal crossing devices, steerable sheaths, and fixed-curve and steerable introducers — for Medtronic. These products are used by electrophysiologists and interventional cardiologists to access the left atrium of the heart during procedures like AF ablation and transcatheter mitral valve repair. Acutus does not sell to end-users; Medtronic handles all distribution and sales. Acutus generates revenue through two streams: transfer price revenue from manufacturing products for Medtronic, and earnout payments tied to a percentage of Medtronic's net sales of the product portfolio on a declining scale over four years through 2027. Acutus's path forward is to complete the transfer of manufacturing to Medtronic at a "Second Closing," after which Acutus will exist solely to collect the remaining earnout payments. The company sold its left-heart access portfolio to Medtronic in 2022 for $50M upfront, simultaneously becoming the contract manufacturer for those same products. Acutus previously developed and sold its own electrophysiology mapping and ablation tools, but wound down that business entirely in late 2023. The company has since cut roughly 70% of its remaining workforce and filed to deregister with the SEC in early 2025, eliminating public reporting obligations as it approaches the end of its operating life.